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Title: Antecedents of Equity Fund Performance: A Contingency Perspective
Contributor(s): Liu, Li Xian (author); Jiang, Fuming (author); Li, Jizhong (author); Farooque, Omar Al  (author)orcid 
Publication Date: 2021-03-22
DOI: 10.1142/S0219091521500065
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Abstract: While the fund performance management literature has clearly documented that the fund size, fund family size, and net cash flow are important antecedents of equity fund performance, prior empirical studies have revealed mixed results that have not been adequately explained. Through the lens of the contingency perspective, we developed a conceptual model that examines how the expense ratio and management compensation as contextual factors interact with the fund size, fund family size, and net cash flow to affect equity fund performance. The empirical analyses were based on panel data including 690 equity funds in China over a 7-year period from 2009-2015. The results show that the expense ratio and management compensation moderate the effects of the fund family size and net cash flow on fund performance, and management compensation also moderates the relationship between the fund size and fund performance.
Publication Type: Journal Article
Source of Publication: Review of Pacific Basin Financial Markets and Policies, 24(1), p. 1-40
Publisher: World Scientific Publishing Co Pte Ltd
Place of Publication: Singapore
ISSN: 1793-6705
Fields of Research (FoR) 2008: 150201 Finance
150205 Investment and Risk Management
150202 Financial Econometrics
Fields of Research (FoR) 2020: 350202 Finance
350208 Investment and risk management
350203 Financial econometrics
Socio-Economic Objective (SEO) 2008: 900102 Investment Services (excl. Superannuation)
900101 Finance Services
910103 Economic Growth
Socio-Economic Objective (SEO) 2020: 110202 Investment services (excl. superannuation)
110201 Finance services
150203 Economic growth
Peer Reviewed: Yes
HERDC Category Description: C1 Refereed Article in a Scholarly Journal
Appears in Collections:Journal Article
UNE Business School

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